Body of fugitive billionaire connected with South Korea ferry disaster found in field

Police confirmed that a body found in June is that of Yoo Byung-eun, the fugitive billionaire ferry boss who disappeared after the tragedy.

15:50 22 July 2014

South Korean police have confirmed that they have found the body of Yoo Byung-eun, the fugitive billionaire businessman who owned the ferry that killed more than 300 people in April.

The body of the 73-year-old businessman was found in an agricultural field in Suncheon in June wearing a pair of expensive shoes and Italian-made jacket, according to reports.

Yoo Byung-eun and his son went missing shortly after the tragedy.

Police say that they will carry out an investigation to determine how and when he died.

Mr Yoo’s alleged corruption is believed to have contributed to the sinking of the Sewol ferry. Last month’s report showed that the ferry had been licensed on falsified documents and was found to be carrying double its cargo load.

His son, Yoo Dae-Kyun, is still on the run with a government reward of £59,000 offered for information on his whereabouts. Meanwhile, many of Mr Yoo’s family members have already been arrested, including his wife. His daughter is currently fighting an extradition bid from France.

So far, 294 dead bodies have been retrieved from the sunken ferry and 10 people are still missing but presumed dead.